Saving

For many saving is not an issue because there is nothing to save each month! For others saving is a spiritual problem. Jesus tells us not to store up treasures on earth but in heaven so isn't it biblical to trust God not save money. This section of the web site is in preparation and more will be added over time. Here are some brief thoughts:

• A key trigger for debt is loss of income (sickness, loss of overtime/bonus or unemployment ). Yet the FSA estimates that 70% of adults have made no provision for a drop in income.
• Nearly 50% of adults are either making insufficient effort to make financial plans for the future or are unable to plan ahead. Those under 40 find it hardest; the younger you are the harder it is. Yet this group faces a real pensions crisis.
• Part of the problem is lifestyle choices. 42% of adults say they prefer living for today than saving for a pension.
• It is desperately difficult for the poorest in society to save or cover the cost of insurance against personal circumstances. We must be clear what is cultural and what is biblical.
• 27% have no savings at all and a further one in four (25%) have less than £3,000. This means that the savings pot of more than half of all households in the UK will last less than three months.
• Over 7.5 million people only save money for short-term goals and about 3 million describe themselves as ‘frivolous spenders’, buying based on for desire not affordability. 
• Half the population (52%) could survive financially for just 17 days, should they suffer an unexpected loss of income, according to research by Combined Insurance.
• An older generation learned to save, often in conditions of scarcity. The problem is that financial disciplines learned in scarcity often break down in conditions of affluence. Credit Unions are based on the relationship of saving and borrowing that established building societies.

Spiritual decisions about saving start with being honest about our budget, lifestyle, choices and situations. Short sighted lifestyle choices which leave us with little either to save or to give generously is not practicing discipleship in our personal finances. Good stewardship of all that God has gifted to us should not leave us vulnerable to economic uncertainty or human frailty.